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Now is the time for landlords to take serious stock of their property portfolios, according to property investment consultant Thirlmere Deacon.
‘Over the last few months, some landlords have seen their profits dented due to the Chancellors’ tax measures’, said TD director Stuart Williams.
‘Undoubtedly, it is becoming more difficult for amateur investors to make a profit in the buy-to-let market due to legislative changes and financial pressures. But there is still a lot of money to be made if landlords and investors make the right investment decisions’.
Landlords should review their existing portfolios to see if they can boost rental income by appealing to different markets, he suggests.
Also it may now be worth landlords considering holding their properties through limited companies. This will enable them to continue deducting mortgage interest when calculating taxable profits’.
There is never a bad time to buy, said Williams. But purchases should be made for the long term.
‘Buy and hold is the cornerstone of many rich investors’ strategies. Despite the occasional short term fluctuations in the UK property market, the long term trend is up. The fundamental reason is that demand is greater than supply. Don’t wait to buy property. Buy property and wait. Think long term, but act on short term opportunities. Property is forgiving over time and can bury mistakes’.